Friday, May 30, 2008

There's Our Pension Money!

Remember months ago when the mayor's nephew, cousin or whatever the hell he was got a pile of our pension money to invest in some real estate venture? And holy hell was raised here and elsewhere that a number of the elected trustees went along with the scheme?

With the real estate market in the crapper, we were just wondering, what is the status of those investments? We're sure Daley's relative secured his money up front in the form of transaction fees or similar payments, along with a handsome payout if the investment did well.

Jeffrey Duerwachter isn't a player in Chicago real estate. He doesn't even own a home. Duerwachter, 39, lives with his parents in Wilmette.

He did OK last year at work, making $1,756 a week working on the set of the new Batman movie filmed in Chicago.

But he did even better investing, making a $413,000 profit by buying and immediately reselling a historic South Loop building that once housed the Chicago Defender, the city's biggest African-American newspaper. And he did it all in one day -- June 8.

First, Duerwachter paid $3.72 million for the building and a nearby vacant lot, both owned by the estate of Lev Stratievsky, a Russian immigrant who died in federal custody while he and his son, Boris, were awaiting trial on charges that they tried to launder money for Ukrainian drug dealers.

Then, Duerwachter resold the building and lot for $4.1 million to a company owned by Matthew A. O'Malley, a politically connected Chicago restaurant owner who had been negotiating to buy the property from Stratievsky.

O'Malley bought the property with three loans -- including $1 million in city pension funds managed by DV Urban Realty Partners, a company co-owned by Mayor Daley's nephew, Robert Vanecko, and one of Daley's key African-American allies, Allison S. Davis. This was one of the investments Davis and Vanecko made after their newly created company was hired to manage $68 million for five pension funds for city workers, police officers, Chicago teachers and CTA workers.

Gee, a guy with no known collateral, living with mommy and daddy, buys a building for $3.7 million and flips it in under a day for $4.1 million. Not only is Daley's nephew connected, but a key political player, the Illinois Treasurer, and the Ukrainian mob.

Two questions:

Hey J-Fed? Did you blow a call into your FBI and DOJ buddies on this one?

17 Comments:

Cozzi, cozzi, cozzi..you have set a precedent exclusively for blu shirts; who else is going to join the club. J(udas)fed gave you up to appease the public, boy, did he show the public how he was going to control brutality & corruption.

J(udas)fed first gave all the gold star exempts an out: demotion or resignation. they were given an option retaining their pension & life everafter cpd. All those gold stars with 25 years plus were all aware of how the department was ran -- OLD SCHOOL. PERIOD.

why wasn't cozzi given that option? BECAUSE HE WAS A BLU SHIRT & EXPENDABLE...like the rest.

if J(uda)fed came from the army, army 'officer' corp; it still shows he always started at the top...NEVER on the front line from the bottom.

his PR meetings are only that, to feed his own ego, to cover his ass that he 'tried so hard' to get along with the blu shirt who only turned their backs, boo hoo for J(udas)fed.

J(udas)fed had a definite agenda coming into CPD, but he has hit some snags...like, patrol is the complete backbone to this city & its citizens, that exempts have nothing if they cannot control patrol, that if patrol shuts down CPD is nothing.

the 'lowly' po has more power than you think, without patrol J(udas)fed, you are NOTHING, let your ego handle THAT!

If its true that M Tobias headed SOS during their crime spree, and NOW he is still an exempt with power...J(udas)fed, you are now showing your true alliance and exactly what you stand behind.

I always say, actions will define who you are...take away the words, your actions will define you are.

What is taking so long for the feds to arrest these theiving family. Hey feds if you need some help executing the warrants i'm sure there are about 9k coppers willing to assist. You guys can take all the credit by being in box one.

SCC,When are you going to provide a link to the Father Plegher spoof of Hillary Clinton?Apparently, the media is trying to hide this link, because it will hurt Obama yet again. Afterall, the spoof was done at Trinity Church...former pulpit of the Rev. Wright.Please provide the link....

This is exactly why those Northwestern graduates to be are embarrased to have Daley speak at their commencement. We already know about the corruption, the people at N.U. still have wool over their eyes.

J-Fed, you would get a lot more respect from the rank and file if you used your resources with the feds to really clean up the corruption in this city. Since you're an insider now you can take your own lead and have these criminals indicted at the federal level like you did to Cozzi and God only knows how many more P.O.'s you're planning to do the same.

If not the rest of us will be forced to continue believing that you're just a puppet and a joke.

This is the respect that the city has for each of you, none. Remember when these whore polititians are out there fucking around in the middle of the night. Show them as much respect as they do to you, you know when they are picking your pockets and laughing at you starting from the mayor down.

That Park Grill that the O'Malley guy owns, that's the guy who got the deal for the city -- us -- to pay for his Water, Gas and garbage removal bills.

The media reports on that one time and then forever on in to the future pretends it never happened and doesn't still go on.

Fucking eunechs.

They, the Chicago enemedia, were told by some city spokeperson that the justification for giving the Park Grill and O'Man such a juicy deal was because 9/11 just happened and a new business like the PG needed help getting established.

At that time nobody in the Chicago media, NOBODY asked the follow-up question:

How is a TWENTY year lease a hand up??? It's a fucking license to print money where the city tax payers are paying the utility costs. Property tax payments might have been paid by us citizen schnooks as well if I recollect correctly.

GHAAAHHHHHHH!!! THIS SHIT IS INSANE!!! Hard working policemen who struggle to pay mortgages, real estate taxes and keep their kids in pvt. schools and drive 10year old rattletrap cars with over 100k to work and this stuttering, mushroom encrusted ass nugget allows his family members to STEAL FROM US????? Daley has the balls to wonder why someone hates him enough to send a poison letter about him & his late kid?? HE HAS THE NERVE TO GET ON MY MOTHERFUCKING T.V. AND WHINE ABOUT WHY PEOPLE HATE HIS ASS????? HEL- FUCKIN'-LOOOOOOOO!! IS ANYBODY HOME???? This prick is legend in his hatred of the police!! You P.O's who rip others who complain? Get a grip! This shit about "do your job" isn't cutting it... working for pride ain't gonna do shit for us when we get old and have to decide whether to eat or buy medicine on a pittance of a pension... My GOD! The utter indignity of it all!

09:29 wins the prize tonight! .....and where did Daley and Bush have lunch together on W's birthday? "The Firehouse", owned by young Mr. O'Malley who bought the Defender building with your money! The date was 06 July 2006. What else happened that very day? Robert Sorich and his crew were convicted! Do you think the presidential luncheon on that day might have sent a message to Fitz to lay off? God help us and the citizens of Chicago!